Reasons to See Your Small Business Tax Attorney

When it comes to taxes, there is no margin of error. Even the smallest errors can bring you interest and penalties as tax-mistakes. Audits loom over us like impending doom and prove to have expensive preparations in both time and money. A tax attorney can bring reliable information to resolve your situation,

A small business tax attorney, like Terri Brunsdon of Brunsdon Law Firm can make all the difference in your peace of mind for your business. Here are some reasons you might want to consult her.

Reasons to Consult a Small Business Tax Attorney

New business startup. Learn about your tax responsibilities and prepare for them from the beginning. Know when, where, and how to meet your tax responsibilities. Put a system in place to deal with taxes from day one.

Set your business tax year. It is often convenient to set your own tax year, but in some cases the government sets it for you. Your attorney will know what you have to do to be in compliance.

Internet sales. Do you owe state or local taxes on sales made over the internet? Rules are continually evolving about Internet sales. Be sure you are using the current legislation and not just rumors in setting up your method of dealing with Internet sales.

Taxable business income. Learn what is considered reportable income for “gross income”. It could be goods, property, services, sales, and even bartering. Failure to report income can lead to more taxes, interest, and fines.

State tax liability. Do you owe taxes to more than one state? In how many states do you do business? Your attorney can guide you through the labyrinth of rules regarding state obligations.

Self-employment tax. If you are the only worker for your company, you will still need to make the quarterly estimated tax payments for yourself. Even if a sole proprietor owes no business taxes, he is expected to pay employer and employee taxes. This dual role tax can be complicated and expensive. See your small business tax attorney for help.

Deductions for your business. Businesses often question if certain things are allowable income tax deductions. Claiming additional deductions and tax credits can save much money. Often with planning, additional deductions can be made in future years as well.

Keeping up with the times. It is way too complicated and time consuming to do your job, run your business and still be aware of all the tax changes going on that will affect you. Your small business tax attorney keeps up with the myriad of changes in the codes on all levels of government. Court decisions that relate to the tax code are also studied.

Ignorance is no excuse. The state, federal, and local taxing authorities don’t care if you didn’t know about a tax. You are still responsible for it.

Business structure. Different taxation rules apply to different types of businesses. Your small business tax attorney will know if you should be setup as a sole proprietorship, an LLC, a partnership, or a corporation to get the best tax position possible.

Contact us

For peace of mind with your small business taxes, consult Terri Brunsdon of Brunsdon Law Firm. She is highly qualified to answer your questions. Terri is both a lawyer and a CPA. She has a Master’s degree in Taxation. Terri understands business because she worked in the business world before entering the legal profession. She was both a Public Accountant and a Chief Financial Officer. Terri is a published authority on the subject, having written books on Accounting.

The Brunsdon Law Firm website provides general information about Brunsdon Law Firm. You should not rely on the information on this website as legal or tax advice, and you should consult an attorney about any legal question you have. Terri Brunsdon is licensed to practice law in the State of Ohio and is licensed to practice tax law in the United States. Ashley Raimondo is licensed to practice tax law in the states of Ohio and Pennsylvania. Read Full Disclaimer.